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Sep 30, 2020
CECO Q3 2020 Earnings Report
CECO faced challenges in energy markets due to Covid-19, but delivered solid execution and maintained focus on streamlining costs.
Key Takeaways
CECO Environmental Corp. reported a decrease in revenue and net loss for the third quarter of 2020, compared to the prior-year period, but the company focused on streamlining costs and saw emerging momentum in various industrial markets.
Revenue decreased by 9.3% to $77.4 million compared to the prior-year period.
The company reported a net loss of $(0.2) million, compared to net income of $1.9 million in the prior-year period.
Operating income was $1 million, compared to $4.1 million in the prior-year period.
Bookings decreased to $66.8 million compared to $115.7 million in the prior-year period.
CECO
CECO
Forward Guidance
CECO expects the markets to remain choppy and uncertain in the near-term but believes it can maintain its customer-focused execution and cost management to deliver future solid results. The company is also launching new strategic growth programs to expand into adjacent markets and more repeatable revenue streams.
Positive Outlook
- Maintaining customer-focused execution.
- Maintaining cost management.
- Delivering future solid results.
- Launching new strategic growth programs.
- Expanding into adjacent markets and more repeatable revenue streams.
Challenges Ahead
- Markets to remain choppy.
- Markets to remain uncertain in the near-term.
- Global capital spending continues to be disrupted by the impact of the COVID-19 pandemic.
- Energy markets remain challenged.
- Bookings decreased compared to prior year.